As Chinese imports boom, what happened to Modi’s ‘self-reliant’ India?
- China not only remains India’s biggest source of imports, its share of the total actually increased in the six months to September, government data shows
- Indian traders and manufacturers are struggling to end their reliance on Chinese goods partly thanks to a lack of high quality, locally made alternatives
China not only remains India’s biggest trading partner and source of imports, but according to new government data its share of the total has gone up from 13.7 per cent last financial year to 18.3 per cent in the six months to September.
Much of this has to do with the nature of India’s imports – more than half of which go towards producing finished goods – and the realisation that slogans popularised by Modi such as “vocal for local” might be easy to chant but are harder to put into practice.
Thadani’s company, Sentai Metals, imports fittings such as locks, chains and buckles from China that are used to produce high-end luxury bags, which are ultimately exported to Europe. He said he fears clients would “walk away” if he opted to offer India-made alternatives instead.